Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

Security Pacific Bank

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November 7, 2008: Security Pacific Bank, Los Angeles, CA was closed by the California Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was named Receiver.

As of October 17, 2008, Security Pacific had total assets of $561.1 million and total deposits of $450.1 million. 

All deposit accounts have been transferred to Pacific Western Bank, Los Angeles, CA and are available immediately. 

On Monday, November 10, 2008, all four former Security Pacific Bank locations reopened as branches of Pacific Western Bank.

Transferred deposits will be separately insured from any accounts you may already have at Pacific Western Bank for six months after the failure of Security Pacific Bank.

Pacific Western Bank
401 West A Street
San Diego,CA 92101
http://www.pacificwesternbank.com

Pacific Western agreed to assume all the deposits for a two percent premium. In addition to assuming all of the failed bank's deposits, Pacific Western will purchase approximately $51.8 million of assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $210 million

For additional information and assistance contact the FDIC at: 866-934-8944 or go to: http://www.fdic.gov/bank/individual/failed/securitypacific.html

2008 FDIC Insured Failed Banks
 
 
 
 
Security Pacific Bank
12121 Wilshire Boulevard, Suite 1350
Los Angeles, CA 90025
http://www.securitypacificbank.com
 

Established on 12/7/1981 as
Golden Pacific Bank
 

Assets: $561 million
Deposits: $450 million
 
 
Cost to FDIC: $210 million

 

 
 

Insured deposits: All deposit accounts have been transferred to Pacific Western Bank, Los Angeles, California, and are available immediately.

Services: Automated Teller Machines (ATM) and online services remain available at the time of closing. As of Monday, November 10, 2008, you may continue to use the services to which you previously had access, such as, safe deposit boxes, night deposit boxes, wire services, etc.

Checks: Checks will be processed as usual. All outstanding checks will be paid against your available balance as if no change had occurred. Your new bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, contact your branch office.

Interest: All interest accrued through Friday, November 7, 2008, will be paid at your same rate. Pacific Western Bank will be reviewing rates and will provide further information soon.  You will be notified of any changes.

Withdrawals: Account owners may withdraw your funds from any transferred account without an early withdrawal penalty until a new deposit agreement is signed with Pacific Western Bank, as long as the deposits are not pledged as collateral for loans.

Automatic Direct Deposits: Automatic direct deposits and/or automatic withdrawals will be transferred automatically to your new bank. Contact a representative of your assuming institution at your branch office.

Loans: If you had a loan with Security Pacific Bank, you should continue to make your payments as usual.  The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to your promissory note with the failed institution.  Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, you may call 1-800-591-2912.

Creditor Claims: If you provided a service for Security Pacific Bank, and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Security Pacific Bank
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201
(800) -568-9161


Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised.  For assistance go to: Unclaimed Account Search


History: Established on 12/7/1981 as Golden Pacific Bank
1999 Changed name to Network Bank USA
2004 Changed name to Security Pacific Bank

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